US tech shares were under pressure again on Wednesday, rattling the wider market given the sector’s contribution to a record-breaking bull run over the past year.
After their worst one-day drop on Tuesday, several of the so-called Faang (Facebook, Apple, Amazon, Netflix, Google) stocks fell further as a mix of regulatory scrutiny and a more defensive mindset from investors left them out of favour.
Shares in Apple, still the largest company on the stock market, by late afternoon in New York had dropped about 0.5 per cent to $167.49, Amazon was 4 per cent lower at $1,434.32 and video-streaming service Netflix slipped about 3.5 per cent to $290.28. There was, however, some respite for Facebook as its shares climbed 0.8 per cent to $153.41, after tumbling the previous day, while those of Alphabet, Google’s parent company, also edged higher.